ESPN has acquired the rights to the new college football playoff, the network announced on Wednesday.

The deal is for 12 years and, according to SportsBusiness Daily, the deal is expected to be worth about $500 million per year.

ESPN has reached a 12-year deal for the new college football playoff. (Photo by Phil Ellsworth / ESPN Images)

The agreement will begin after the 2014 season — including January 2015 — and continue after the 2025 regular season — January 2026.

The championship game, semifinals, additional bowl games and related programming will be included in the deal.

“Because of college football’s widespread popularity and the incredible passion of its fans, few events are more meaningful than these games,” ESPN president John Skipper said. “We are ecstatic at the opportunity to continue to crown a college football champion on ESPN’s outlets for years to come, the perfect finale to our year-round commitment to the sport.”

“We are delighted to continue our relationship with ESPN for 12 more years," Executive Director of the BCS and the future college football playoff Bill Hancock said. "ESPN’s outlets provide numerous opportunities to bring this iconic event to the fans. Folks are going to love this playoff and the attention ESPN will give to it.”